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11.45
Copper Prices Extends Rally to 27-Month High in New York Global Supply Concern
Written By mine on Selasa, 26 Oktober 2010 | 11.45
Copper prices rose in New York, extending a rally to a 27-month high, on signs that global demand will outpace supplies.
Inventories monitored by the London Metal Exchange have dropped to the lowest level in a year amid analyst forecasts for a global shortfall this year and next. Copper has gained 6 percent this month, partly because of the dollar?s decline. The greenback rebounded today against a basket of currencies.
?Copper, being an industrial metal, is exhibiting more strength than the rest of the commodity complex, even with a stronger dollar,? said Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago. ?There?s still a lot of pent-up demand for copper.?
Copper futures for December delivery rose 0.6 cent, or 0.2 percent, to settle at $3.869 a pound at 1:41 p.m. on the Comex in New York. Earlier, the metal reached $3.893, the highest level for a most-active contract since July 2008.
The Conference Board said today that its U.S. consumer- confidence index increased to 50.2 in October from a revised 48.6, a seven-month low, in September. That topped estimates by analysts.
?With consumer confidence on the uptick and a barometer for economic health, an industrial metal like copper is going to benefit,? said Matthew Zeman, a metal trader at LaSalle Futures Group in Chicago.
Copper for delivery in three months dropped $8 to $8,510 a metric ton ($3.86 a pound) on the LME.
Nickel and tin also fell in London. Lead, zinc and aluminum gained.[http://www.bloomberg.com]
Inventories monitored by the London Metal Exchange have dropped to the lowest level in a year amid analyst forecasts for a global shortfall this year and next. Copper has gained 6 percent this month, partly because of the dollar?s decline. The greenback rebounded today against a basket of currencies.
?Copper, being an industrial metal, is exhibiting more strength than the rest of the commodity complex, even with a stronger dollar,? said Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago. ?There?s still a lot of pent-up demand for copper.?
Copper futures for December delivery rose 0.6 cent, or 0.2 percent, to settle at $3.869 a pound at 1:41 p.m. on the Comex in New York. Earlier, the metal reached $3.893, the highest level for a most-active contract since July 2008.
The Conference Board said today that its U.S. consumer- confidence index increased to 50.2 in October from a revised 48.6, a seven-month low, in September. That topped estimates by analysts.
?With consumer confidence on the uptick and a barometer for economic health, an industrial metal like copper is going to benefit,? said Matthew Zeman, a metal trader at LaSalle Futures Group in Chicago.
Copper for delivery in three months dropped $8 to $8,510 a metric ton ($3.86 a pound) on the LME.
Nickel and tin also fell in London. Lead, zinc and aluminum gained.[http://www.bloomberg.com]
00.40
Investors took profits on gains in stocks and commodities
Written By mine on Jumat, 15 Oktober 2010 | 00.40
Commodities News - Investors took profits on gains in stocks and commodities this week while buying back the U.S. dollar on Friday, but kept the currency close to a 10-month low ahead of a speech by the head of the Federal Reserve.
The dollar steadied after overnight plumbing a low for the year against major currencies, having dropped 7 percent since September on expectations the Fed will soon have to flood the banking system with freshly printed cash to support the economy.
An indication that Fed Chairman Ben Bernanke is getting closer to this decision and perhaps considering other measures such as inflation or even gross domestic product targeting would probably unleash more dollar selling and buying of emerging market equities, commodities and longer-term bonds.
With bets against the dollar significantly high, the risk of a bounce is appreciable.
"We are concerned that the market is short dollar based on a deep expectation that the Fed Chairman will hint strongly at an aggressive QE program," Steven Englander, head of G10 foreign exchange stratgy at Citi, said in a note.
"While we do not see the Fed as having an incentive to disappoint the FX or bond markets, it would be easy for hesitation to do damage at this stage."
The euro slipped 0.2 percent to $1.4048 after hitting the highest since January on Thursday around $1.4121.
The U.S. dollar index (.DXY), a gauge of performance against six other major currencies, was largely unchanged on the day after dropping to the lowest since December 2009.
Focus on the dollar's decline has become intense, causing political consternation and financial upheaval. Investors have been busy aligning their strategies with the way other asset markets have reacted to the weak dollar.
The Reuters-Jefferies CRB index (.CRB) and the MSCI all-country world equities index (.MIWD00000PUS) have a 0.9 inverse correlation with the dollar index on a 90-day basis, meaning basically stocks and commodities have been moving in the opposite direction of the dollar.
After hitting the highest since July 2008 on Thursday, copper traded on the London Metal Exchange slipped 0.1 percent to $8,388 a ton, though was still set for a fourth straight month of gains.
Gold inched up 0.2 percent to $1,379.45 an ounce, but could slide back to around $1,365 if profit taking hit the metal. Still, the near-term target according to chart analysts is $1,404, which could be reached early next week.
In equities, Japan's Nikkei share average fell 0.7 percent (.N225), hurt by weakness among banking shares. Despite a 2 percent gain on Thursday, the index continues to underperform other Asian markets this month.
The MSCI index of Asia Pacific stocks outside Japan slipped 0.5 percent (.MIAPJ0000PUS), with declines evenly spread across the sectors after hitting the highest since June 2008 in the prior session.
Having some of the biggest developing economies in the world, Asia has been sucking in portfolio investment from abroad at a rapid pace. In general, emerging market equity funds have absorbed more than $60 billion in net inflows this year, $23.3 billion of which has come since the beginning of September, fund tracker EPFR Global said in a note.
The dollar steadied after overnight plumbing a low for the year against major currencies, having dropped 7 percent since September on expectations the Fed will soon have to flood the banking system with freshly printed cash to support the economy.
An indication that Fed Chairman Ben Bernanke is getting closer to this decision and perhaps considering other measures such as inflation or even gross domestic product targeting would probably unleash more dollar selling and buying of emerging market equities, commodities and longer-term bonds.
With bets against the dollar significantly high, the risk of a bounce is appreciable.
"We are concerned that the market is short dollar based on a deep expectation that the Fed Chairman will hint strongly at an aggressive QE program," Steven Englander, head of G10 foreign exchange stratgy at Citi, said in a note.
"While we do not see the Fed as having an incentive to disappoint the FX or bond markets, it would be easy for hesitation to do damage at this stage."
The euro slipped 0.2 percent to $1.4048 after hitting the highest since January on Thursday around $1.4121.
The U.S. dollar index (.DXY), a gauge of performance against six other major currencies, was largely unchanged on the day after dropping to the lowest since December 2009.
Focus on the dollar's decline has become intense, causing political consternation and financial upheaval. Investors have been busy aligning their strategies with the way other asset markets have reacted to the weak dollar.
The Reuters-Jefferies CRB index (.CRB) and the MSCI all-country world equities index (.MIWD00000PUS) have a 0.9 inverse correlation with the dollar index on a 90-day basis, meaning basically stocks and commodities have been moving in the opposite direction of the dollar.
After hitting the highest since July 2008 on Thursday, copper traded on the London Metal Exchange slipped 0.1 percent to $8,388 a ton, though was still set for a fourth straight month of gains.
Gold inched up 0.2 percent to $1,379.45 an ounce, but could slide back to around $1,365 if profit taking hit the metal. Still, the near-term target according to chart analysts is $1,404, which could be reached early next week.
In equities, Japan's Nikkei share average fell 0.7 percent (.N225), hurt by weakness among banking shares. Despite a 2 percent gain on Thursday, the index continues to underperform other Asian markets this month.
The MSCI index of Asia Pacific stocks outside Japan slipped 0.5 percent (.MIAPJ0000PUS), with declines evenly spread across the sectors after hitting the highest since June 2008 in the prior session.
Having some of the biggest developing economies in the world, Asia has been sucking in portfolio investment from abroad at a rapid pace. In general, emerging market equity funds have absorbed more than $60 billion in net inflows this year, $23.3 billion of which has come since the beginning of September, fund tracker EPFR Global said in a note.
01.30
Copper Futures Prices Rises Supported Firm Trend
Written By mine on Jumat, 17 September 2010 | 01.30
Futures prices of copper commodity rose by Rs 1.45, or 0.41 per cent, to Rs 357.15 per kg today, supported by firming trend at the London Metal Exchange as weak dollar boosted the appeal of commodity as an alternative investment.
Copper prices for three-month delivery on the London Metal Exchange rose as much as 0.3 per cent to $7,715 a metric tonne. The LME-Index of six metals, including copper and aluminium advanced 0.8 per cent yesterday to the highest level since April 26.
Copper futures prices was mostly due to firming trend in base metals in global markets after weak dollar raised the appeal of base metals and other commodity as an alternative investment.
Multi Commodity Exchange counter, contract for November delivery shot up by Rs 1.45, or 0.41 per cent, to Rs 357.15 per kg, with a turnover of nine lots. It ended 0.35 per cent higher at Rs 355.70 per kg in the previous session. Commodities metal for delivery in February gained Rs 1.35, or 0.38 per cent at Rs 359.05 per kg, with a turnover of 11 lots.
Copper prices for three-month delivery on the London Metal Exchange rose as much as 0.3 per cent to $7,715 a metric tonne. The LME-Index of six metals, including copper and aluminium advanced 0.8 per cent yesterday to the highest level since April 26.
Copper futures prices was mostly due to firming trend in base metals in global markets after weak dollar raised the appeal of base metals and other commodity as an alternative investment.
Multi Commodity Exchange counter, contract for November delivery shot up by Rs 1.45, or 0.41 per cent, to Rs 357.15 per kg, with a turnover of nine lots. It ended 0.35 per cent higher at Rs 355.70 per kg in the previous session. Commodities metal for delivery in February gained Rs 1.35, or 0.38 per cent at Rs 359.05 per kg, with a turnover of 11 lots.
